Hidden Road has joined Komainu’s collateral management platform, becoming the first prime broker to join the service.

London-based Komainu said, by connecting to the platform, the prime broker will be able to leverage the collateral derived from digital assets held in secure custody accounts.

Nicolas Bertrand, chief executive at Komainu, said: “Hidden Road is a key addition to our expanding collateral management network, representing another piece of the puzzle in bringing this much needed and institutional grade offering to the digital asset marketplace.”

Launched in April 2023, the Komainu Connect platform tackles counterparty risk by removing the need to hold collateral with trading counterparties, the firm said.

Michael Higgins, global head of Business Development at Hidden Road, said: “As we build out our offering to counterparties trading in traditional and digital assets, Hidden Road continues to cultivate partners that enable efficient and mature workflows with robust, modern approaches to risk and compliance.”

Cryptocurrency spot and derivatives market OKX went live on the collateral management platform in June.

Higgins said: “Thanks to its focus on security and regulation, Komainu Connect has the potential to unlock additional volume in institutional digital asset trading, and is a natural addition to our partner network.”

Komainu, a joint venture between Nomura, CoinShares and digital asset security firm Ledger, appointed in September last year markets veteran Nicolas Bertrand as chief executive, settling an open position at the head of the firm.